The oil and gas production of the state-owned Oil and Gas Development Company Limited (OGDCL) is on a declining trend as they dipped by 10 percent and 22.73 percent, respectively, during the last six years (FY 2020-21), according to official data.
There was no visible change in OGDCL’s oil and gas production in the first half of FY 2021-22, and the declining trend continued, according to official statistics available with this scribe.
OGDCL’s gas production was 1,100 MMCFD during 2015, which is has been declining each passing year and reached 850 MMCFD during FY 2020-2021.
The production of crude oil, which was 40,000 barrels per day during 2015, declined to around 36,000 barrels per day (bpd) in 2021. The data revealed that there was also no robust recovery of oil and gas production reported during the first half of FY 2021-22.
OGDCL’s gas production had peaked in 2015 when it touched 1,100 MMCFD, and its oil production had peaked in 2017 when it reached almost 44,000 barrels per day, according to the statistics. A comparison of oil production in the peak year of 2017 with the production of 2021 showed a decline of almost 18 percent.
Interestingly, OGDCL’s production of oil and gas has decreased considerably during the tenure of the incumbent government. Gas production was constant during 2018 and 2019, after which it constantly declined. On the other hand, oil production dropped between 2018 and 2020 and fell to 35,000 bpd. It managed a small recovery and climbed to 36,000 bpd in 2021.
